Ripple price is plummeting in value, drops by more than $6.5billion

Ripple was trading at $1.40 but quickly dropped to $1.20 within few hours today. The cryptocurrency market capitalization was at $65.7billion on Friday morning January 19 but fell to $47.4billion today. Alongside Ripple, its rivals Bitcoin and Ehtereum have also suffered a shaky start to the week, both plunging almost 10% in the last 24 hours.

The price drop could well be directly factored by South Korean regulators move to stop cryptocurrency secrecy. Ethereum also has plummeted in value by around $300 since last week.

According to Charles Thorngren, CEO of Noble Alternative Investments, Ripple, Bitcoin and Ethereum are also suffering because of the US Government shutdown on 20th January.

In an interview with Forbes, he told:

With the stock market continuing to rise and the government shutdown happening, there is more uncertainty in terms of investment.

Investors are looking to shy away from crypto, as it comes with less certainty, and invest in options they are more confident in perusing due to familiarity.